Tax Information

Please  talk to a trusted  accountant,  lawyer  or financial planner.  Every transaction is  subjective and requires careful planning.   I hope these links will give you a foundation for your individual questions.

      Check out this IRS list  of frequently asked questions you can download. Look at IRS tax tables or search for specific questions and answers  from the IRS.

     Take a look at Home Gain Exclusion, if you sold or exchanged your home, you may be allowed to exclude up to $250,000 of gain ($500,000, for certain married taxpayers filing a joint return) realized on the sale or exchange of your main home. Lawyers Title Company  offers services for  a tax deferred exchange. This has become popular with commercial and investment real estate transactions.

     You may  want  to read about defining basis,  depreciation or installment sales. There is a wealth of information here.  Apply this knowledge  to your own situation and get  professional guidance.
 

Billie Morris, CRS, e-PRO Long and Foster Real Estate, Inc. 1315 Mount Hermon Road  Salisbury Maryland 21804   443-523-1329 or  1-800-842-5704 ext 1329               Fax 1-888-316-9445   Direct:  410-430-3878  BillieM@SalisburyHomes.com Local  Government & Associated  | Education & Support  | Recreation and Tourism| Medical References and Facilities | Food/ Lodging/Rentals | News-Communications-Transportation | Religion | Senior Housing & Retirement | Businesses Jobs & Shops    Civic Clubs & Organizations |  Utilities & Insurance |Eastern Shore Links | Family-Free & Fun | This "Whole " House All Information deemed reliable but not guaranteed Copyright 1997 - 2009  Billie Morris. All rights reserved. Web maintenance  Morris Enterprises